Landmark Deal Represents Nautilus’ Largest Acquisition to Date

Nautilus Solar Energy, on behalf of its affiliate Nautilus US Power Holdco (“NUPH”), announced the acquisition of a portfolio of up to 270MW community solar projects from ESA Solar Development Group (“ESA”). Located throughout the Midwest in markets with proposed community solar legislation, the projects are in the early stages of development and will be co-developed by both companies. The landmark deal represents Nautilus’ largest early-stage acquisition and co-development partnership to date and its first transaction with ESA. Piper Sandler Companies was the advisor to ESA on the acquisition.

"We are thrilled to unite ESA's market savvy and development expertise with Nautilus's financial might and nimble transactional abilities. This partnership combines our complementary strengths, equipping us to navigate hurdles and risks together while driving transformative outcomes for early-stage development projects," said Laura York, Vice President of Structuring at Nautilus. “We are excited to partner with ESA to expand into several new community solar markets, contributing towards an equitable, sustainable future for all,” added Eric Paul, Vice President of Partner Development at Nautilus. 

"Our mission at ESA is to provide pathways to clean energy, and strategic partnerships like this one with Nautilus are foundational to realizing that goal," said Lindsay Latre, Chief Executive Officer at ESA. "Their proven commitment to the Midwest markets and the community solar industry at large is commendable. As we collectively oversee the development of this portfolio, we couldn't be more excited about working hand-in-hand to advance solar energy solutions across these communities."

"With this major investment, we are crystallizing our commitment to expanding access to solar energy adoption," said Justin Vandenbroeck, Chief Operating Officer at ESA. "By leveraging Nautilus' robust financial capabilities to capitalize these community solar projects across the Midwest, we're giving our landowners, host communities, and our team an even greater chance to benefit from the promising economic opportunities the clean energy economy provides to rural communities across the United States.

“Piper Sandler is pleased to have been a part of facilitating this transaction to increase access to clean, low-cost solar energy across the upper Midwest. ESA is at its core a highly creative and innovative solar developer, so it was critical that we were able to identify a counterparty with similar values. The structure of this transaction is unique and one which will serve as a blueprint for the industry for years to come.” Robert Sternthal, Managing Director, Energy & Power Investment Banking at Piper Sandler.

KeyFacts Energy Industry Directory: Nautilus Solar